Estate Tax Exemption Rises for 2024, Online Sellers Get a Big Break From the IRS, Is Your State Sending Tax Rebates?

The Food Tax: Does Your State Still Tax Groceries? | Another Big New 2023 IRS Tax Change for Online Sellers | Calculating Taxes on Social Security Benefits Created for {EMAIL} | [Web Version]( December 3, 2023 CONNECT WITH KIPLINGER  [LinkedIn]( [Facebook]( [X]( [Youtube]( [Youtube]( [Tax Tips]( [SIGN UP]( ⋅ [WEBSITE]( [] State Taxes [] [The Food Tax: Does Your State Still Tax Groceries?]( [The Food Tax: Does Your State Still Tax Groceries?]( (Getty Images) During the holiday season, food plays a role in many family celebrations. This year, the average cost of groceries per person/per month ranges from $290 to over $300. In states that impose a grocery tax, this cost is even higher. So, knowing the states that tax your groceries might help you budget for holiday meals. [Here is a list of states that still have a “food tax](.” [] Taxable Income [] [Another Big New 2023 IRS Tax Change for Online Sellers]( [Another Big New 2023 IRS Tax Change for Online Sellers]( (Getty Images) If you’re an online business owner, you may find December to be a profitable time. However, even if you just casually sold goods or services online in 2023, there's some good tax news for you. The IRS has postponed a $600 tax reporting threshold for millions of sellers who receive payments through third-party platforms like PayPal, Venmo, and Cash App, and online marketplaces like Etsy, eBay, and StubHub. [Here’s what you need to know about the latest 1099-K rule change for 2023 and what it means for your taxes going forward](. [Is It Better to Take RMDs Monthly or Annually?]( If you have tax-deferred retirement accounts, you'll need to take required minimum distributions (RMDs) eventually. These are usually taken annually, quarterly or monthly. But which makes the most sense? A financial advisor can help when factoring tax implications for your situation. [LEARN MORE]( ADVERTISEMENT [] Taxes in Retirement [] [Calculating Taxes on Social Security Benefits]( [Calculating Taxes on Social Security Benefits]( (Getty Images) It may be surprising to hear that Social Security benefits are not entirely tax-free. Depending on your income, up to 85% of your Social Security benefits, can be taxed. That includes retirement benefits and benefits from Social Security trust funds, such as disability and survivor benefits, but not Supplemental Security Income (SSI). So, [it's important to understand how Social Security taxes are calculated](. Featured Content Sponsored Content from The Kiplinger Tax Letter [Stop Overpaying on Your Taxes.]( Get a [FREE ISSUE]( of The Kiplinger Tax Letter and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then save up to 58% off the cover price to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( [] Tax Rebates [] [States Sending Stimulus Checks and Tax Rebates in 2023]( If you’re still hearing about IRS stimulus checks or federal stimulus checks, it’s important to note that in most cases, stimulus payments from the federal government ended a couple of years ago. However, some states are providing financial aid in the form of tax rebate checks or inflation relief payments. Last year, over twenty states distributed one-time payments to eligible residents, and some states are sending similar rebate payments in 2023. Are you eligible for a rebate check from your state this year, and if so, how much will you receive? [Find Out Here]( [Help Minimize Your Tax Liability in Retirement]( Taxes are an inevitable part of life, even during retirement. Tax-saving opportunities can help you keep more of your hard-earned money. [READ MORE]( ADVERTISEMENT [] In Case You Missed It [] [Estate Tax Exemption Amount Increases Again]( The IRS recently announced that the federal estate tax exemption will increase in 2024 due to an annual inflation adjustment. Although only a small percentage of estates are subject to the federal estate tax due to the high exemption amount, and the increase isn’t a surprise, the new amount can be significant for estate planning. This is especially true for high-income individuals who also need to consider the looming estate tax exemption sunset in 2026. [Read More]( [Get Personal Attention from Registered Financial Advisors Here]( Find out how much you can afford each month with our data-driven spending plan. [READ MORE]( ADVERTISEMENT [] STOP OVERPAYING ON YOUR TAXES [] [STOP OVERPAYING ON YOUR TAXES]( (Kiplinger) Get a [FREE ISSUE of The Kiplinger Tax Letter]( and never pay one cent more than necessary on your taxes, for yourself, your business, or your clients. Then [save up to 58% off the cover price]( to subscribe, and get exclusive special issues such as New Tax Rules This Year, Year-End Tax Planning, or other topics. [CLICK HERE]( ABOUT KIPLINGER When we write about money, we get it right. So the decisions you make with your dollars are also right. Kiplinger is a trusted provider of unbiased financial advice, objective business and economic forecasts, and practical help to millions of business professionals, investors, and individuals seeking to make more profitable decisions with their money. Our [flagship publications]( include [Kiplinger Personal Finance]( magazine, [The Kiplinger Letter]( [The Kiplinger Tax Letter]( [Kiplinger Retirement Report]( and [Kiplinger Investing for Income.]( All are regarded as the leading publications in their respective fields. Every day, millions of readers rely on our [free e-newsletters]( for help on everything from getting the best rate on a mortgage or car loan, to managing their businesses in an uncertain world, avoiding an IRS audit, building wealth for a secure retirement, or investing wisely in any kind of market. Now it’s your turn to reap all the rewards Kiplinger has to offer. Visit [Kiplinger.com](, your gateway to all of the above and much more. Check in any time for our latest advice on how to make more money, and keep more of the money you make. Stay right on the money, with Kiplinger. [Sign Up]( | [Print Publications]( | [Unsubscribe]( [Privacy Policy]( | [Cookies Policy]( | [Terms and Conditions]( CONTACT US: [FEEDBACK](mailto:alerts@kiplinger.com) | [ADVERTISE]( [Future]( Future US LLC © Full 7th Floor, 130 West 42nd Street, New York, NY, 10036